Australian LNG player Santos has set its sights on growing the production figures to over 100 million barrels of oil equivalent by 2025.
This would almost double the current production volumes, the company said in a statement.
Speaking at the company’s Investor Day in Sydney, Santos managing director and CEO Kevin Gallagher noted that the company’s strategy unveiled in 2016 has given it the opportunity to target said production levels.
The strategy included the sale of non-core assets and free cash flow at a barrel oil price below $40.
“We are now positioned for disciplined growth leveraging existing infrastructure in all five of our assets in the portfolio and are targeting production of more than 100 mmboe by 2025,” Gallagher said.
Santos’ growth portfolio includes Barossa backfill to Darwin LNG, PNG LNG expansion and the proposed farm-in to P’nyang, Cooper Basin, GLNG and Eastern Queensland options and well as the Quadrant acquisition that includes Dorado oil discovery.
Gallagher noted that following regulatory approvals and the completion of the Quadrant acquisition, Santos’ breakeven oil price would be reduced further.